PMC Bank case: ED nod for sale of Rs. 200 cr worth properties of Wadhwans

Enforcement Directorate has given its d for sale of two private jets and a yacht owned by HDIL promoters Rakesh Kumar Whawan and Sarang Whawan in connection with PMC Bank scam. On Thursday, in a reply filed in a court on a petition of PMC ministrators seeking detachment of Whwans' properties, Enforcement Directorate (ED) said it has objection to sale of jets and yacht worth around Rs. 200 crores.  court will pass an order on sale of three properties on vember 25.

" ED does t have any objection for disposal of aeroplanes and yachts by EOW (Ecomic Offence Wing of Mumbai Police)," ncy submitted in court of Chief Metropolitan Magistrate. sale of two jets and yacht has received -objection from all parties in case.

RE | PMC Scam: Whawan Duo, Waryam Sent To Police Custody Till Oct 16

Punjab and Maharashtra Bank (PMC), through its RBI-appointed ministrators, h moved court seeking sale of HDIL's attached and mortgd properties to repay its depositors. However, ED said that it can't give C for attached cars as it's being considered by judicating Authority under PMLA (Prevention of Money-laundering Act), ding that it has t attached any mortgd property of Whwans.

In September, RBI h restricted activities of PMC Bank for six months and asked it t to grant or renew any loans and vances after major financial irregularities were reported. PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Presh, and Mhya Presh. With a network of 137 branches, it ranks among top 10 cooperative banks in country.

RE | PMC Bank Scam: Republic Exposes Whawan's Luxurious Alibaug Bungalow

ED raids Whawans' properties

In two raids properties last month, ED h seized several luxury cars including Bentley RW, BMW-RW, Rolls Royce Phantom-RW, two Mahindra Scorpios, Mercedez Benz, two Range Rovers, Toyota Inva, Toyota Fortuner, an Audi Q7 and two electric cars owned by Whwans who are currently in ED custody.

y also attached a private jet in name of Privilege Airways Private Ltd (Bombardier challenger - 300 9 seater VT) which is in Maldives at this time. Furrmore, two golf carts were also recovered from bungalow. A speed boat that was often used by Whawans has come under scanner as well. On October 5, ED attached ir jewellery worth Rs 60 crore. 

RE | DHFL Probe: Bombay High Court Restrains Whawans From Leaving India

About scam

police registered a First Information Report (FIR) against top officials of PMC Bank and promoters of HDIL. According to prosecution, bank continued giving loans to debt-ridden HDIL from 2008 to 2019 despite previous loans t being repaid. Several sections of Indian Penal Code (IPC) such as criminal breach of trust, cheating, and forgery have been invoked against accused. Along with Thomas, promoters of HDIL, Rakesh and Sarang Whwan were arrested and sent to police custody. Out of 44 accounts, a total of 10 were linked to HDIL. se included personal bank accounts of accused.

RE | Enforcement Directorate Questions Dheeraj Whawan Of DHFL

(With ANI inputs)